MikeInBoca Blog

  November 29, 2022 Palm Beach County Florida Real Estate Market (Delray Beach) October 2022 How Can I Help You? The recent trends for Palm Beach County’s real estate market continued in October 2022, according to the Realtors of Palm Beach County.  The median price for a single family home in Palm Beach County rose by 14% to $570,000 in October 2022 over October 2021.  Of note is the median days on market, which doubled to 28 days in October 2022 over the previous year.  Months of inventory also increased to 3.2 months in October 2022 versus 1.3 months in October 2021 for single family homes in Palm Beach County Florida.  "Buyers are taking more time to sift through the rising inventory for their dream home," said Carlos A. Melendez, President of Broward, Palm Beaches & St. Lucie Realtors®. Call me to discuss the latest market information in order to make the correct decision for you.   Schedule time on my calendar CLICK Michael Friedman Realtor, Broker-Associate eXp Re

Mike In Boca Video Link Thanksgiving 2022   November 23, 2022 Happy Thanksgiving 2022 (Video) How Can I Help You? Wishing you and your family a Happy Thanksgiving!  Thank you! I am grateful for all of the support you have given me.  Hope that you’re surrounded with the love of your dear ones during this festive season. Michael Friedman Broker-Associate, Realtor eXp Realty Contact Me   INFO LINKS Home Search   Boca Raton Single Family Homes   Boca Raton Condos   Home Value (instant)   MIKE IN BOCA LINKS   Mike In Boca Blog   Mike In Boca Youtube Channel   Website - mikeinboca.com   Mike In Boca Calendar (schedule time)   eXp REALTY LINKS (AGENTS)   About  eXp Realty   Join me eXp

November 15, 2022 RE Bargains In Boca Area? What Could I Do For You? Home buyers in our area might be surprised by the title of a recent Miami Herald article entitled, “Declining U.S. home sales don’t force falling prices as supply remains tight,” by Tom Hudson.  The article points out that home buyers will pay 56% more for a home in the past year due to the rise in mortgage rates.  Google searches for “housing collapse” have picked up dramatically and rivals the “Great Recession” period for these types of phrases.  Many would expect with mortgage rates being at 20-year highs, home prices would be falling in our area.  However, as the article points out, “the number of existing homes sold in September fell by 24% compared to a year earlier, while the median price increased by more than 8%.” So what are some of the differences between the current local real estate market and that of the “Great Recession”? The article quotes Lawrence Yun, National Association of Realtors’ chief econom

  The positive trends continued in Mission Bay West Boca Raton, Florida community during August 2022.  A total of four home sales were recorded on the Multiple Listing Service (MLS) during August 2022.  The Reflections subdivision saw two home sales and there was one home sale in each of the Mission Bay Boca Raton subdivisions of Laguna and The Isle Mission Bay. 10436 Lake Vista Circle 10517 Santa Laguna Drive 10481 Mateo Court 10736 Avenida Santa Ana I estimate the average home sold was $586,250 and at an estimated average of $314.31 per living square foot during August 2022.   I estimate the trailing twelve month average for the West Boca Raton community of Mission Bay was $293.11 per living square foot in August 2022, which was an estimated increase of 32.6% over the previous year.   If you are interested in selling your Mission Bay Boca Raton home or looking to purchase a home in Mission Bay community, contact me - you can schedule time on my CALENDAR To see what is on the market a

  November 9, 2022 Homebuilders Prep For Downturn What Could I Do For You? A recent article entitled “Homebuilders say they’re on the edge of a steeper downturn as buyers pull back,” by Diana Olick on CNBC, stated homebuilders expect buyers to pullback in 2023.  Homebuilders are expecting orders to dry up in 2023 as increased mortgage rates dampen buyer enthusiasm.  Over the past two years home builders had a tough time keeping up with orders for new homes.  The homebuilders had the “wind at their backs” as home prices increased roughly 40% during the past two years with robust demand; so much so that the article referenced some homebuilders slowing sales in order to keep up with demand, according to the article.  Homebuilders are now preparing for the next phase.  The article quotes Gene Myers, CEO of Thrive Homebuilders in the Denver area, “it is definitely a hard landing for housing.” In addition, National Association of Home Builders (NAHB) is quoted, “sales of newly built homes dr

Higher Mortgage Rate Impact How Can I Help You? November 1, 2022 Thank you for your time today.  I look forward to helping you in the future. A recent article by Jessica Dickler on CNBC.com that is entitled, “Another interest rate hike from the Federal Reserve is on the way: Here’s how it may affect you” recently caught my eye.  Part of the discussion centered around rising mortgage rates and the effect on real estate.  The article quotes Sam Khater, Freddie Mac’s chief economist, “rates resumed their record-setting climb,” he said “with the 30-year fixed-rate mortgage reaching its highest level since April of 2002.” Greg McBride, Bankrate.com’s chief financial analyst was quoted as saying, “affordability was strained already from the surge in home prices, when you layer on top of that this never-before-seen pace in mortgage rates it compounds the problem.” The thing that really caught my eye was Mr. McBride’s analysis of the subject where he is quoted as saying, “if you had been appro